Chinese state media labels Trump's trade policies 'extortion'

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President Donald Trump blames the practices for putting USA companies at a disadvantage and helping to create a trade deficit.

Last Friday, China's Finance Ministry introduced new sets of additional tariffs on 5,207 goods imported from the USA worth $60 billion.

China'a new tariffs would see 5,207 US-made products taxed at rates of 25, 20, 10 or five percent.

"Because the USA side has repeatedly escalated the tension, disregarding the interests of enterprises and consumers of both sides, China has to take necessary countermeasures to defend the country's dignity and the interests of the Chinese people, defend free trade and the multilateral system, and defend the common interests of all countries in the world", the ministry said.

The iPhones, Chevrolets and other products manufactured and sold in China by US companies are mostly designed in the United States, and the Trump administration has declared various Chinese industries to be threatening USA national security, illegally copying foreign intellectual property or causing widespread job losses in the United States.

Beijing's attack on Trump comes after the president told supporters during a campaign rally in OH on Saturday that "we have really rebuilt China, and it's time that we rebuild our own country now".

The expanding trade conflict is showing its first signs on the Chinese economy, which has already been slowing down this year.

Friday's retaliation from China suggests that tactic hasn't worked. Another $16 billion in levies will likely follow in the coming days or weeks.

These tariffs will apply if the United States further hinders bilateral trade by renewing tariffs on more Chinese products, official Chinese media reported quoting a statement by the commission. The Chinese side seem to be seeking to match that ratio with the new proposals.

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The exchange of barbs between the two sides follows the release late Friday in Beijing of a tariff list created to retaliate against the US threat to impose new duties on $200 billion of Chinese imports.

A commentary on the front page stated that Trump's eagerness for others to play along with his drama is "wishful thinking", pointing out that the United States had worsened the trade spat with China into a "zero-sum game".

Among US products targeted in the latest Chinese salvo were a wide range of agricultural and energy products, including liquefied natural gas.

The nationalist Global Times, responding in an editorial late on Sunday to White House economic adviser Larry Kudlow's remarks that China should not underestimate Trump's resolve, said China did not fear "sacrificing short-term interests". US business and farm groups, which do extensive business with China, have complained for months about Trump's strategy, but there are no signs that the Chinese government is paying for a campaign in the United States.

China plans to impose a 25% tariff on imports of US-manufactured solar cells - but the world's biggest manufacture of solar cells now imports few of the cells used to make panels that generate power. At minimum, we will make much better Trade Deals for our country!,' he added. "Their economy's weak, their currency is weak, people are leaving the country".

"China's differential tax rate countermeasures are rational and restrained", the Ministry of Commerce said in a separate statement on its website. China's Foreign Minister Wang Yi said China has contributed a huge amount to global economic growth.

The result is that both China and the USA are now using government funds to stimulate areas of the economy.

Answering a reporter's question about what was specifically said on trade, Wang said: "We did not speak in such details".

Tariffs on another $16bn worth of products are pending, the second part of tariffs on $50bn worth of imports that the United States announced in March.